NM jobless rate steady in November

New Mexico’s seasonally adjusted unemployment rate was 6.8 percent in November 2015, unchanged from October and up from 6.1 percent a year ago.

The Lincoln County unadjusted unemployment rate was 6 percent, also unchanged from October and up only slightly from last year, according to the monthly report from the state Department of Workforce Solutions.

The national unemployment rate was 5.0 percent, unchanged from October and down from 5.8 percent in November 2014.

Total nonfarm payroll employment in the state grew by 3,000 jobs, or 0.4 percent, between November 2015 and November 2014. November’s job growth rate was unchanged from October’s revised rate and represented the thirty-ninth consecutive month of over-the-year growth.

The private sector added 2,700 jobs, an increase of 0.4 percent. The goods-producing industries were down 4,200 jobs, or 4.2 percent. The majority of this decline was due to losses in mining.

The service-providing industries (including government) were up 7,200 jobs, or 1.0 percent. Six industries added jobs and seven posted losses.

The industry with the largest and fastest over-the-year employment growth in November was leisure and hospitality, which was up 3,100 jobs, or 3.5 percent.

Education and health services (up 2,900 jobs, or 2.2 percent) and professional and business services (up 2,800 jobs, or 2.8 percent) posted similar gains.

Growth has been consistently robust in all three industry sectors since February, and, together, the three industries accounted for 85 percent of total gross gains in November. Financial activities was up 700 jobs, or 2.1 percent.

Retail trade posted a gain of 600 jobs, or 0.6 percent. Mining contracted by 2,900 jobs, or 10.1 percent, in November. Growth began to decline in December 2014, and over-the-year losses have increased each month since May.

The sharp decline in global oil prices also continues to take its toll on other industries indirectly linked to mining. Manufacturing (down 3.9 percent) and transportation, warehousing, and utilities (down 4.4 percent) each suffered 1,100 job losses.

This is the largest loss in transportation, warehousing, and utilities since May 2010. Manufacturing returned to negative growth in August, after seeing gains earlier in the year, and has remained negative since then.

Government employment has fluctuated between over-the-year gains and losses throughout 2015. This month the sector gained 300 jobs, over the year, representing an increase of 0.2 percent. Local government employment was up 300 jobs, or 0.3 percent. State government was down 100 jobs, or 0.2 percent.

State government education was down 700 jobs, or 2.2 percent. Federal government employment was up 100 jobs, or 0.3 percent, from November 2014.